Crown (currency)
From WikiStates
| Crown (currency) | |
| User(s) |  Praetonia,  Clandonia, <others?> |
|---|---|
| Inflation | -2.2% (100-year average) |
| Subunit | |
| 1/10,000 | Guinea |
| 1/1,000,000 | Penny |
| Symbol |  |
| Guinea | g |
| Penny | p |
| Coins | 1p, 5p, 10p, 20p, 50p, 1g |
| Banknotes | 5g, 10g, 20g, 50g, 100g, 500g, 1,000g, 5,000g, 1 |
| Issuing authority | None |
| Printer | Free |
| Mint | Free |
The Crown is a privately issued, commodity backed transnational currency originating in Praetonia. It is backed with shares in the Crown Value Holding (CVH), a joint venture investment fund between most major Praetonian and some foreign, particularly Clandonian banks. Established in 1654, the initial investor banks staked their entire holdings into the fund, receiving in return the total stock of Crowns (shares), which they then issued in settlement of their debts to third parties. The value of the currency derives from the right of the holder of a Crown to exchange it for the liquidation of its share of the CVH assets, originally a billionth. The Crown presently holds an ~80% share of the Praetonian currency market, but as an investment holding it occupies less than 1%.
Contents |
History
The name 'Crown' dates from the Imperium Praetonianum, when the official currency was a 'Crown standard silver' coin composed of 1 ounce of silver and a standard impurity. By the time of the Praetonian Civil War, however, the currency had been long since debased to the point where coins were being openly minted out of iron or copper. Runaway inflation caused the Senland Free State to adopt a variety of commodity currencies, with gold notes emerging as the clear favourite. During the Grand Commonwealth period, however, a group of major banks, which at that time were mostly not consolidated, seeked to hedge their own investment risk by forming a common fund.
This fund, the Crown Value Holding, then distributed all of its shares to the member-banks in line with their investment. These shares, marketted as currency - as Crowns -, were issued in payment of the banks' debts and so entered circulation as general currency, where they proved a more assured store of value than even the gold certificates. By the time the Crown Commonwealth was established, Crowns had become the hegemonic currency in Praetonia, relegataing gold certificates to only around 15% of circulation. This state of affairs has largely persisted ever since, although Crowns no longer make up the majority of bank holdings.
Crown coins and notes continued in the previous tradition of the Imperium Praetonianum's official currency, with the portrait of the ruling Sovereign (or Publius the Great during the interregnum) on the obverse and a relief of weighing scales, symbolising trade and justice, on the other. A possibly apochryphal story told is that, when the CVH workmen took possession of the old Royal Mint, they switched around the two dies to place the scales on the obverse and relegate the Sovereign to mere decoration. Of course, it is impossible to tell the difference.
Value
Crowns do not pay dividends directly to their owners, but rather back into the fund, with the CVH bankers' salaries paid from a 5% commission on the dividend. As such, the value of the 'pot' is continually increasing, resulting in steady deflation in line with the marginal return on 'ordinary' investment. This is remarkably stable, as the CVH assets are located across all sectors of the economy through the freely trading world. As Crowns are so readily fungible, and at very near the liquidation value of the assets, there has rarely been occassion for anyone to actually demand their assets paid out in exchange for the return of the note or coin, and so the total supply of Crowns is believed to be very close to the original one billion.
The total value of all Crowns in circulation is approximately 50tn fixed 2007 dollars, making a single Crown worth a staggering $50,000. As such, Guineas, worth around $5, and Pennies, worth around 5c, are the only forms of currency actually in everyday use, and further sub-denominations will eventually be required. As the number of Crowns is fixed, however, they can be infinitely subdivided and by private entities not associated with Crown Value Holding plc., which issues replacement notes and coins in exchange for worn or damaged equivalents. By holding a stock of Crown notes, a second bank, company or individual can issue certificates against those Crown notes in any conceivable denomination, up to the total value of the reserves.
As such, Crown notes and their sub-divisions actually in circulation can vary in appearance and even name from place to place, though this is very rare the region of major cities.
Appearance
| Unit (OCP) | Obverse | Reverse |
|---|---|---|
| Coinage | ||
| 1p | Scales | Reigning Sovereign |
| 5p | Scales | Reigning Sovereign |
| 10p | Scales | Reigning Sovereign |
| 20p | Scales | Reigning Sovereign |
| 50p | Scales | Reigning Sovereign |
| 1g | Scales | Reigning Sovereign |
| Banknotes | ||
| 5g | Hermes | Reigning Sovereign |
| 10g | 17th century merchantman | Reigning Sovereign |
| 20g | PWS Royal George at Battle of Tristan Bight | Reigning Sovereign |
| 50g | Praetannia | Reigning Sovereign |
| 100g | Scenes from Praetonian industry | Reigning Sovereign |
| 500g | Belgravia Palace | Reigning Sovereign |
| 1,000g | Signing of the Bill of Rights, 1692 | Reigning Sovereign |
| 1 |
Storming of Imperia, 1612 | Reigning Sovereign |
Each note and coin is inscribed I promise to pay the Bearer on demand the value of his apportioned Share, followed by the signature of the original Governor of the Crown Value Holding. Coins, while being inscribed identically, are minted in different sizes and shapes to aid recognition.
It should be noted that the designs shown to the left are merely a generally agreed standard for notes and coins in Praetonia. Crowns used elsewhere in the world where Crowns are relatively common, and thus trusted and recognisable, will very frequently adopt other national or non-national designs. In addition, there exists a small minority of Crowns in esoteric coinage and notage in circulation in Praetonia.
The only exception to this are the original 1 Crown notes, issued by the CVH, which are all identical. These are increasingly rare, however, since the CVH began a policy of replacing the original cotton notes with laser-etched metal plates for increased longevity.
Symbol
The Crown symbol is formed from a C and an r superimposed. This gives the appearance of an L with a top loop or, in countries where such currencies are common, a pound sign.
